Omer Asik will sign the Rockets' offer sheet on July 11. (Getty Images)

Asik will sign the offer sheet on July 11 and the Bulls will have three days to match or lose him to the Rockets.

This is a steep price for Chicago to pay for its backup center, and the Rockets knew it.

All three years on the contract are fully guaranteed, a source said.

The Rockets have tried to acquire Asik in a trade for over a year, but finally forced the Bulls to have to commit to more than $8 million annually to keep him. The contract is back-loaded, and Asik's salary in the third season of the deal would hit Chicago's books at $15 million.